Zero Percent
WASHINGTON (AP) - The Federal Reserve has cut its target for a key interest rate to the lowest level on record and pledged to use "all available tools" to combat the current financial crisis. The central bank says it reduced the federal funds rate, the interest that banks charge each other, to a range of zero to 0.25%. That is down from the 1% target rate in effect since the last meeting in October.
Ref. USAToday
Is Anyone Minding the Store at the Federal Reserve?
U.S. Taxpayers Risk $9.7 Trillion on Bailout Programs
By Mark Pittman and Bob Ivry
The stimulus package the U.S. Congress is completing would raise the government's commitment to solving the financial crisis to $9.7 trillion, enough to pay off more than 90 percent of the nation's home mortgages. Ref. Source 4